But we never set a restriction in terms of how much growth. In other words, if we can grow extremely fast our pay-ins product and our pay-outs product will be a little bit lower, that’s perfectly okay for us. Over time we know those things do balance out. But even if they don’t, we are still okay in the long run.
Ashwin Shirvaikar: Understood.
Sebastian Kanovich: Is that clear?
Ashwin Shirvaikar: Yeah, yeah, understood. Thanks.
Operator: Our next question comes from Jitender Singh with HSBC. Your line is open. Jitender Singh with HSBC. Your line is open.
Neha Agarwala: Hi. This is Neha Agarwala with HSBC. I guess I used the long link. Firstly, I’d like to welcome Pedro. Very nice to have you here at DLocal. My question during this quarter is related to the revenues in Brazil, which saw a big jump quarter-on-quarter. I believe this is driven by stronger volumes in Brazil which led to stronger revenues. So if you could just elaborate on that and give any color what drove that? Also, the TPV growth this quarter was almost 22% quarter-on-quarter, which is significantly higher than an average of about 10%, 12%, that we’ve seen in the previous quarters. So I believe we should expect this to normalize in the coming quarters and see a more normal level of sequential TPV evolution? Thank you so much.
Sebastian Kanovich: Hi, Neha. How are you? Good morning. Thanks for the questions. So yes, our TPV grew in Brazil and therefore, our revenues grew. What I’ll say is that we spoke about this in the past. We have a great solution in Brazil. The Brazilian market is massive. There’s a huge sum for us to go after. And this quarter, it was just a testament of those trends that we were expecting in — that we spoke about in previous quarters. I think this should also be a lesson from what is — how is it that our business works. We offer [40] (ph) geographies. Those geographies compound and help us win in different places at constant times. So the fact that we won in Brazil during this last quarter, it’s not just a testament of our Brazil solution.
It’s a testament of the overall platform. This wasn’t a Brazil win. This was a DLocal win that manifested during this quarter in Brazil and in Mexico. Last quarter, it was in Nigeria. So we expect growth to continue in this market. What rate? Again, we reiterated our guidance on how we see growth going forward. But I want to emphasize the point that our business is better understood at a global level, at a macro level and not at a geography by geography basis. Geography by geography basis, our merchant base decisions that we will always be happy to accommodate for, what we are keeping track of it, how do we make sure we land and expand with our customers? How do we make sure we solve more pain points? How do we make sure we are offering more products because that’s where the real value is.
Neha Agarwala: And regarding the sequential growth in TPV.
Sebastian Kanovich: Neha, we are seeing our business firing at all cylinders. We spoke in the past about our pipeline being healthier than ever. I continue — we continue to see a very, very strong pipeline. Anecdotally, during this quarter, we — during this quarter without an impact yet in the current results, we were able to sign two of the top 10 global merchants. So there’s plenty of growth to come. Again, we don’t always control the sequence at what that growth happens. That’s why our focus on the mid to long term, it’s — into doing our business. But we continue to see great logo wins. We continue to see a great pipeline and a great opportunity generation. We need to continue to build the product and make sure we are best-in-class across all 40 emerging markets that we are.
